QUESTION 3 1. Which of the following is true with respect to a perfectly competi
ID: 1192380 • Letter: Q
Question
QUESTION 3
1. Which of the following is true with respect to a perfectly competitive firm?
A.
It will make small economic profits always or go out of business
B.
A perfectly competitive firm has a perfectly inelastic demand curve
C.
At profit maximization the perfectly competitive firm operates where total revenue is maximized as well
D.
The perfectly competitive firm s supply curve is it s marginal cost curve above AVC
E.
All of the above are true with respect to a perfectly competitive firm
A.
It will make small economic profits always or go out of business
B.
A perfectly competitive firm has a perfectly inelastic demand curve
C.
At profit maximization the perfectly competitive firm operates where total revenue is maximized as well
D.
The perfectly competitive firm s supply curve is it s marginal cost curve above AVC
E.
All of the above are true with respect to a perfectly competitive firm
Explanation / Answer
D.
The perfectly competitive firm s supply curve is it s marginal cost curve above AVC
D.
The perfectly competitive firm s supply curve is it s marginal cost curve above AVC
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